The most popular cryptocurrency in the world today is, of course, the oldest, Bitcoin.
But the question still remains: Will Bitcoin be able to handle millions of daily transactions as more people adopt the cryptocurrency?
The answer to this question could come in the form of the Lightning Network. The second layer technology for Bitcoin has the ability to increase the amount of transactions in the cryptocurrency per second while keeping the fees miniscule.
The Lightning Network does this by creating a second layer in the Bitcoin blockchain to handle transactions independently without having to record them on the blockchain each time.
In this way, a large number of transactions are offloaded from the Bitcoin block chain, leaving the bandwidth with free spaces.
Instant payment
It only takes a few seconds to settle payments, as the Lightning Network doesn't need to wait for confirmations from the network.
Low cost
Since transaction settlements take place off-chain, the Lightning Network allows for extremely low fees.
Micro payments
Fees are calculated in proportion to the payment amount. Therefore, a small number of transactions would not cause unreasonable financial disadvantage.
How does it work
The Lightning Network is a decentralized system of smart contracts created as a second layer in the Bitcoin blockchain. This enables instant, high-volume, custodian-free micropayments through a network of participants.
Connect to Bitfinex Lightning Node (please check qr code in the main image)
bfx-lnd0 link
033d8656219478701227199cbd6f670335c8d408a92ae88b962c49d4dc0e83e025@34.65.85.39:9735
link bfx-lnd1
03cde60a6323f7122d5178255766e38114b4722ede08f7c9e0c5df9b912cc201d6@34.65.85.39:9745
Node Name: bfx-lnd0
IP Node: 033d8656219478701227199cbd6f670335c8d408a92ae88b962c49d4dc0e83e025@34.65.85.39:9735
Node Public Key: 033d8656219478701227199cbd6f670335c8d408a92ae88b962c49d4dc0e83e025
Node Name: bfx-lnd1
IP Node: 03cde60a6323f7122d5178255766e38114b4722ede08f7c9e0c5df9b912cc201d6@34.65.85.39:9745
Node Public Key: 03cde60a6323f7122d5178255766e38114b4722ede08f7c9e0c5df9b912cc201d6
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